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Smart Company is preparing its financial statements for the year ended June 30, 2017. The financial statements are complete except for the statement of cash flows. You have been asked to prepare a statement of cash flows for the year ended June 30, 2017. Download the excel spreadsheet found in the link below Required Prepare a spreadsheet to support a statement of cash flows for the year ended June 30, 2017. In the tab named Journal Entries, show in journal entry form, the entries that would be made in preparation of the statement of cash flows. Prepare Smart Company's statement of cash flows for the year ended June 30, 2017. Prepare the statement of cash flows using the indirect method. Note: For full credit, you must prepare the statement of cash flow in good form with all necessary disclosures, including disclosures about noncash financing and investing activities. Submit a well-formatted electronic file, with your last name as the file name. For example, Lastname_PortfolioProject.xls. You are the accountant for Smart Construction Company, a large construction company in Colorado. You have been presented with the following financial information for Smart and asked to prepare the Statement of Cash Flows for the year ended June 30, 2017. You will complete all work for the project in this excel file, which includes the following tabs: Facts - Information taken from Smart's accounting records and additional information regarding the cash flows as of June 30, 2017. Worksheet - Worksheet template (also see Example 21.3a in text) Cash Flows - Statement of Cash Flows template (also see Example 21.3b in text) Account Balances June 30, 2016 June 30, 2017 Debits Cash 361,700s Accounts Receivable Marketable Securities (at cost) Allowance for Change in Value Construction in Process Prepaid Expenses Investments (long-term) Leased Equipment Building Deferred tax asset Land Discount on Bonds Payable Totals 880,550 125,000 13,000 1,800 405,000 10,000 13,500 20,000 100,000 11,700 1,500 168,750 45,000 30,000 5,375 10,500 2,200 10,500 1,305 1,482,855 734,525 Credits 6,000 S Allowance for doubtful accounts Accounts Payable Deferred tax liability Income Taxes Pavable 87,500 1,000 3,500 3,500 2,500 4,500 210,000 3,300 9,000 Note Payable (long-term) Accumulated Depreciation on Building Accumulated Depreciation on Leased Asset Lease obligation Interest payable on lease obligation Interest payable (Bonds) 3,000 18,000 1,800 1,800 45,000 325,000 400,000 Bonds payable Billings on contruction in process Pension liability Convertible preferred stock, S100 par Common Stock, $10 par Additional Paid-in Capital 150,000 150,000 9,000 14,000 8,700 1,500 24,500 13,700 Unrealized Increase in Value of Marketable Securities 1,800 Retained Earnings 297,325 421,455 Totals 734,525 1,482,855 Additional information: Dividends declared and paid totaled S650. 300 shares of common stock (at par) were issued for cash. On July 1,2016, convertible preferred stock that had originally been issued at par value were converted into 500 shares of common stock. The book value method was used to account for the conversion. The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the fiscal year Short-term marketable securities were purchased at a cost of S1,300. The portfolio was increased by S300 to a S14,800 fair value at year-end by adjusting the related allowance account. During the year, a 30% interest in Ricochet Co. was purchased as an investment for S9.500. Ricochet reported S20,000 in net income for the year and paid dividends of S2,000 to Smart. S5,000 of accounts receivable were written off as uncollectible during the year. Smart's inventory consists of Construction-in-Process in excess of the Billings on Construction-in-Process account balance. A building was destroyed by fire during the year and insurance proceeds of $26,000 were collected. were issued on February 28, 2017, at 97. They mature on February 28, 2027. The company uses the straight-line method to amortize bond premiums and discounts. Smart recorded pension expense of S350,000 for the year. A lease agreement was signed on July 1st, 2016 for the use of equipment worth $20,000. The company determined that the transaction should be recorded as a capital lease Cash Flows Worksheet For Year Ended June 30, 2017 Balances Change Worksheet Entries Account Titles 6/30/20166/30/2017 Increase (Decrease) Debit Credit Debits Noncash Accounts Credits perating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities Investing and Financing Activitie Not Affecting Cash: Net Increase in Cash Totals Smart Construction Company Statement of Cash Flows For Year Ended June 30, 2017 Operating Activities: Net Income Adjustments for noncash income items: Adjustments from cash flow effect from working capital items: Net cash provided (used) by operating activities Investing activities: Net cash provided (used) by investing activities Financing Activities: Net cash provided (used) by financing activities Net increase in cash (see Schedule 1) Cash, June 30, 2016 Cash, June 30, 2017 Schedule 1: Investing and Financing Activities Not Affecting